We compute classical real GDP business cycles and growth cycles, contrast classical recessions with ‘technical’ recessions, and assess the sensitivity of our peaks and troughs to data revisions. Using this information we ...

The market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This paper develops a model of relationship lending in the unsecured interbank market. In equilibrium, a ...

To shed light on how market frictions and the waiting time of imitators affect prices and how effective research subsidy and patent protection affect the price differential, this paper adopts a direct search-theoretical ...

This study builds on recent findings that target-based utility measures, used in the dynamic portfolio optimisation, deliver investment policies that can generate leftskewed payoff distributions. These policies can lead ...

We examine the short-run impact of the Canterbury earthquakes (4/9/2010, and 22/2/2011) on the New Zealand economy using VAR macro-models. Maybe surprisingly, we find little evidence of a pronounced impact on the aggregate ...

We use a large, nationally-representative sample of working-age adults to demonstrate that personality (as measured by the Big Five) is stable over a four-year period. Average personality changes are small and do not vary ...

Key features of NZ business cycles were established for the period 1966q4 to 1990q1 by Kim, Buckle and Hall (1994) (KBH), but the conduct of fiscal, monetary and labour market policy and the behaviour of New Zealand's ...

This paper examines the financing of disaster risk management. Future climate and disaster risks are predicted to impose increasing financial pressure on the governments of low-lying atoll nations. The aftermath of a ...

Observers repeatedly predict that climate change will lead and is already causing massive migration with very large numbers of people forced to leave their homes in cataclysmic waves of climate refugees. Yet, most of the ...

We study trading dynamics in an asset market where the quality of assets is private information and finding a counterparty takes time. When trading ceases in equilibrium as a response to an adverse shock to asset quality, ...